Equity Bancshares, Inc. Expands Kansas Footprint, Acquires All Deposits and Assets of Almena State Bank

By GlobeNewswire

Adds two Norton County bank locations through agreement with FDICWICHITA, Kan., Oct. 26, 2020 (GLOBE NEWSWIRE) — Equity Bancshares, Inc. (NASDAQ: EQBK) (“Equity” or the “Company”), the Wichita-based holding company of Equity Bank, announced the acquisition of Almena State Bank at the close of business on October 23, 2020, with a purchase and assumption agreement facilitated by the Federal Deposit Insurance Corporation (“FDIC”).“We’re proud to welcome new customers to the Equity Bank network. Our top priority is to work side-by-side with the community bankers who our Norton County customers trust and value, ensuring our customers don’t miss a beat,” said Brad Elliott, Chairman and CEO of Equity. “Equity Bank has served Kansas customers statewide since our beginning, and has a healthy balance sheet and a strong capital and liquidity position. Customers will have full access to our 51 locations, our digital banking services, and will enjoy no ATM fees on their debit cards at any ATM, anywhere.”Almena State Bank branch locations at 500 Main Street in Almena, Kansas and 302 E. Holme in Norton, Kansas opened on Monday, October 26, 2020 as Equity Bank. Customers will remain insured by the FDIC and will have no interruption to their account services, and should continue banking as usual. Customers may continue to access their accounts through existing checks, debit cards, ATM cards, and online and mobile banking.“Our mission as a community bank is to provide customized, sophisticated products and services with the feel of a hometown bank, and we value our role within all the communities we serve,” said Mr. Elliott. “Norton County represents a valuable addition to our Equity Bank franchise and we’re eager to begin serving as a trusted resource for families, businesses, and team members. We’re looking forward to building on the relationships within the Norton County community and we’re excited to get started helping our customers immediately.”The FDIC selected Equity Bank through a competitive bidding process. As of September 30, 2020, Almena State Bank had $66.5 million in consolidated total assets and $64.9 million in deposits. Equity Bank acquired substantially all of Almena State Bank’s assets at a discount of approximately 30.0%, acquired $42.7 million of core deposits at a 1.00% premium and assumed all of the brokered deposits at no premium.Including Almena State Bank locations, Equity has $3.94 billion in consolidated total assets and a network of 51 branch locations in Kansas, Missouri, Arkansas and Oklahoma, including 23 …read more

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